(Bloomberg) -- Aston Martin Lagonda Global Holdings Plc’s billionaire Chairman Lawrence Stroll said he’ll try to bolster the carmaker’s balance sheet by reworking some of its high-interest debt.

Stroll, who rescued the storied British carmaker in 2020 when it was struggling to raise cash and pare inventories, plans to renegotiate Aston Martin’s debt because it’s tied to excessive interest rates, he said Thursday.

“I will be renegotiating the bonds at a more favorable rate, probably, and taking some cash to pay down” part of the debt, Stroll told reporters at Aston Martin’s headquarters in Gaydon, England. “This company will be cash-flow positive in 2023.”

The Canadian fashion mogul injected much-needed cash and forged closer ties with Germany’s Mercedes-Benz AG to protect Aston Martin when the coronavirus battered sales. In mid-2020, he hired Tobias Moers, who previously led Mercedes’s AMG performance-car business, as chief executive officer to push through a turnaround.

Aston Martin had net debt of 809 million pounds ($1.1 billion) at the end of the third quarter, and expects interest costs of 165 million pounds in 2021, it said in November. A year ago, the company raised $98.5 million in Senior Secured Notes due in 2025 with a 10.5% coupon. These notes come with a four-year call protection, meaning refinancing the senior debt will come with a penalty.

READ MORE: Aston Martin Faces Turbo-Charged Debt Costs After Weak Profits

Aston Martin may buy back some of the more expensive mezzanine bonds once the company generates sufficient cash, Stroll said.

“The intention is when we start generating cash to use cash,” he said.

Supercar Issues

While Aston Martin has been battling complexity issues delaying the assembly of its £2.4 million Valkyrie supercars, Stroll said the project is back on track after technicians from his Formula One team were parachuted in to help.

“Everything has been resolved, but they’re taking a little longer to build than initially established,” Stroll said of the sold-out cars, adding that not a single customer had asked for their deposit back.

Last month, Aston Martin had warned that fourth-quarter earnings would take a hit after the company delivered fewer of the supercars than anticipated.

READ MORE: Aston Martin Struggles to Keep Its Turnaround Momentum Going

Stroll said that Aston Martin will gradually improve its financial performance amid rising sales. While Stroll acknowledged that some employees left the carmaker since he took over, he said the company hired 370 new workers, most of them engineers.

“We don’t need any more money at all,” Stroll said. “Let me be crystal-clear, black and white: we do not need money.”

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